HRS §201H-37
Tax exemption for public housing agency income and obligations
This section says that income earned and obligations issued by a nonprofit public housing agency are exempt from state taxes, if the federal government has already declared them exempt from federal taxes. This applies to taxes now or in the future.
The statute, as written — Exemption from tax on income and obligations
Income earned and obligations issued by a nonprofit entity determined to constitute a "public housing agency" pursuant to section 3(b)(6) of the United States Housing Act of 1937, as amended, and which income and obligations are declared by the United States Department of Housing and Urban Development to be exempt from all taxation imposed by the United States pursuant to section 11(b) of the United States Housing Act of 1937, shall be exempt from all taxation now or hereafter imposed by the State.
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